Petrol-diesel Prices

Oil Minister Hardeep Singh Puri on Sunday hoped petrol prices will be reduced no sooner state-owned oil companies recoup past losses. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. The losses incurred are now being recouped after oil prices slid. "I will hope if under-recoveries (or losses) end, prices should come down," he said at an event here. Softening of international prices from multi-year peak hit last year had led to companies making profit on petrol but they continue to incur losses on diesel. At one time, profit on petrol was Rs 10 per litre but subsequent firming of oil prices have trimmed it down to halve. Diesel losses have widened to Rs 13 a litre from Rs 10-11 earlier this month, industry sources said. Puri said oil companies acted as responsible corporate citizens by not burdening consumers of the

Lower global crude prices, higher gross refining margins have driven overall marketing margins upwards

Petrol and diesel sales in India saw a double-digit year-on-year growth in November as increased demand from the agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Thursday. Petrol sales soared 11.7 per cent to 2.66 million tonnes in November, as compared to 2.38 million tonnes of consumption in the same month last year. Sales were 10.7 per cent higher than in COVID-marred November 2020 and 16.2 per cent more than in pre-pandemic November 2019. Month-on-month, the demand was up 1.3 per cent on the high-base festive season created in October. Diesel, the most used fuel in the country, posted a 27.6 per cent rise in sales in November to 7.32 million tonnes, as compared to the same month last year. Consumption was up 17.4 per cent over November 2020 and 9.4 per cent higher than pre-COVID 2019. The fuel has seen a rise in sales month-on-month since September. It rose by a massive 17.1 per cent when compared with 6.25 .

The record six-month-long freeze in petrol and diesel price revision in all likelihood will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. Some of the world's top oil-producing countries on Wednesday agreed to slash production by two million barrels per day to spur recovery in oil prices that had dropped to pre-Ukraine war levels. For India, this is bad news as a fall in oil prices in recent weeks had helped it cut down on its import bill as well as limit losses that state-owned fuel retailers were incurring on selling petrol and diesel. Prior to the decision of OPEC+, losses on diesel had come down to about Rs 5 per litre from a peak of around Rs 30 a litre while oil companies had started making a small profit on petrol, industry sources said. But the rise in prices of crude oil, which is refined to produce petrol, diesel and other products, and the weakening of the rupee against the US dollar would mean losses on diesel widen

The Sri Lankan government on Saturday slashed the price of petrol by Rs 40 per litre, making diesel more expensive than petrol for the first time in the country. The price reduction came as opposition parties in recent days took the government to task for not implementing the price formula despite the lower global oil prices. The retail price of petrol has been reduced from LKR (Sri Lankan rupees) 450 per litre to LKR 410 per litre while the cost of diesel continued to remain the same at LKR 430. The new prices of petrol would be Rs 410 Sri Lankan rupees, Energy Minister Kanchana Wijesekara said. With the move, the price of diesel for the first time in Sri Lanka is more than the price of petrol. Diesel is used widely for public transport and vehicles used for consumer trade which has a direct impact on cost of living. Following the government's decision, the Lanka Indian Oil Corporation has also said that it will reduce the petrol price along with the government price. Sri Lanka

The plan to offload the Centre's 52.98 percent stake in the oil major could not go forward as there was not sufficient number of bids

The Congress on Sunday alleged that petrol and diesel prices were regulated by the election dates and not due to the global rates

International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost. International benchmark Brent crude fell below USD 90 per barrel last week for the first time since early February as recession fears weigh on demand. It has since recovered and is trading at USD 92.84 per barrel, the lowest in six months. Prices fell despite bullish developments, including Russia keeping the North Stream pipeline offline and producers cartel OPEC and its allies (OPEC+) cutting production. But this has not led to any revision in retail petrol and diesel prices in India and they continue to be on freeze for a record-setting 158 days. Responding to reporters' questions on no change in fuel prices, oil minister Hardeep Singh Puri had on Friday sought to link the no revision to losses state-owned fuel retailers incurred in keep

Crude oil prices have been showing an upward trend globally, indicating a slight weakness in the US dollar

Petrol and diesel prices are down by $40-50 per barrel from month-ago levels

Effective from July 20, Rs 6 a litre tax on petrol export has been completely scrapped

Shinde informed reporters after a cabinet meeting at Mantralaya that the decision would entail a burden of Rs 6,000 crore on the state exchequer

Massive queues of vehicles could be seen at fuel stations in Kashmir on Thursday as people scrambled to fill up the tanks in the wake of rumours that the country is facing shortage of fuel

The basket of crude oil that India buys has hit a decade high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain frozen

Demand destruction led by Covid-19 and the EV push, cutback in retail prices could end up making the business of running fuel stations unviable

Petrol Pump Dealers Association said its members in 22 states will join the protest

At the operational level, Nomura sees margin benefit for companies in the backdrop of a cut in steel prices

The consequences of such confused messaging were felt in the lack of bidders for BPCL, forcing Delhi to abandon efforts to privatise the refiner

Seventy per cent of those surveyed saw at least 10 per cent increase in their monthly budget, while 55 per cent expect prices to go up by another 10 per cent in the next three months

"Pulses prices remained steady, although tur prices have moderated while masoor prices edged up. Edible oils prices registered a broad-based increase," the report said.